Oil prices fall slightly ahead of OPEC+ meeting

World oil prices showed a slight decrease on Monday morning, while investors are waiting for the meeting of the OPEC+ committee, Report informs.

The price of April futures for Brent crude fell by 0.22% to $86.21 per barrel, and March futures for WTI dropped by 0.19% to $79.53.

Traders are awaiting the decisions to be made at the Joint Ministerial Monitoring Committee (JMMC). JMMC meetings are held every two months, and the meetings of all OPEC+ representatives are organized once every six months. The upcoming events are scheduled for February 1 and June 4, respectively. For now, bidders expect the committee to recommend that the alliance maintain its current level of oil production.

At the same time, in general, the factors remain ambiguous for the oil market. A military facility of the Iranian Ministry of Defense was attacked in the city of Isfahan on Sunday night. This situation increases political tensions around sanctioned Iran and risks over the prospects for Iranian oil supplies to the market.

At the same time, investors continue to assess the prospects for economic recovery in China, one of the world's largest importers and consumers of oil, after the easing of COVID restrictions in the country.